Bargain Hunting Banking Stocks On The Home Front
Nonetheless, we reckon bargain hunting on the banks may surface today as we deem the recent sell-down on the sector may have been overdone - Rakuten
Rakuten Trade reckons there is a bargain hunting of local banking stocks on the bursa today.
"On the home front, the FBM KLCI fell to below the 1,420 mark primarily due to the selling on selective banking heavyweights. Nonetheless, we reckon bargain hunting on the banks may surface today as we deem the recent sell-down on the sector may have been overdone.
"As such, we reckon the index to trend higher today possibly trending between the 1,420-1,430 range today. Another interesting development is that, despite recent slump in CPO futures, Plantation stocks remained rather resilient attributed to continuous buying support." it says.
US Stocks
US stocks closed on a mixed note amid a fresh round of negotiations on the US debt ceiling with the deadline looming in 2 weeks. While the DJI Average lost 140 points, the Nasdaq added 63 points despite the US 10-year yield inching higher at 3.719%.
Over in Hong Kong, equities gained as the HSI rebounded by 228 points spurred by a surge in tech stocks following Beijing’s ban on Micron Technology that propel a rally for the Chinese chip makers thus within the broader Tech sector.
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